House Vs Apartment: Which Is Better For First Home Buyers?

House Vs Apartment: Which Is Better For First Home Buyers?

Oct 25, 2023 The Sunshine Coast is one of the most thriving cities in Queensland, Australia. It is a key hotspot among property investors and homebuyers- all thanks to various housing options, affordable property prices and high-end local amenities. From waterfront apartments to cosy and comfortable cottages, the city offers a range of options. If you plan to buy a dream home in the Sunshine Coast for the first time, decide whether you want a spacious house or a high-rise apartment. Both have pros and cons that need to be considered before making a home-buying decision. Read the following guide and find out which one can achieve a desired lifestyle after relocating to a new place.

House Vs Apartment: Know the Difference

Before making a final decision, let’s unveil the key advantages and disadvantages of both options.

Buying A House : Key Benefits

Buying a house in a big city like Sunshine Coast is a dream of many individuals. It gives a sense of achievement, security and stability, especially if you are moving with your family. So, here are some major benefits:

It Gives Privacy and Space

Many people prefer houses over apartments because they need privacy and extra space. Houses in the inner and outer suburbs of Sunshine Coast usually come with spacious rooms, a large and open backyard, a patio area and a front area. The best part is that there is a huge distance between neighbouring properties- providing more privacy and personal space.

Customise Your Home Freely

Buying a house enables people to customise and personalise the space without any hindrance. You can easily renovate the interiors and exteriors of the property as per your requirements. You don’t need an approval from a homeowner’s association or landlord for renovation. From minor to major, you can revamp your house the way you want before you move in. It is good to hire professionals for hassle-free cheap removalists in Sunshine Coast and keep your items protected throughout the journey.

A Higher Chance of Appreciation

When it comes to the value of residential properties, houses have a higher land value, while apartments have a huge building value. This means the value of land is likely to be appreciated if you choose the right location. That’s one of the reasons why people hire real estate agents, as they can help you choose the property that can give you higher capital gains in the long run.

It Offers More Equity

Buying a house can be a great long-term investment, especially if it is your first home. As the property value appreciates over time, it is a great opportunity to invest in houses. You can invest equity to secure loans for financial needs. Plus, homeowners are eligible for tax deductions and credits, which in turn, help in reducing expenses related to owning a new home.

Disadvantages of Buying A House

Of course, buying a house comes with a lot of benefits, but you can’t overlook its demerits before investing money. Make sure you consider the following drawbacks:

Higher Upfront Costs

Buying a house is more expensive than apartments. It is important to have a significant amount for a down payment, closing costs, appraisals, renovations and home inspections. In addition to this, relocating a house is also expensive. You need to create a proper budget to decide whether you can afford a house or not. You can book removalists Sunshine Coast in advance to save money.

Higher Maintenance Costs

Houses need more maintenance as compared to apartments. If you are buying a house, make sure you have enough funds to take care of your property, such as cleaning gutters, lawn care, general interior and exterior repairs, etc. It is also good to consider the pros and cons of buying a new construction home, especially in a cosmopolitan city of Queensland.

Market Fluctuations

Believe it or not! The housing market in Queensland is unpredictable. The value of your property can fluctuate based on different factors, such as demand, economy and interest rates. This can affect your ability to sell the house at the best value.

Buying an Apartment: Key Benefits

Here are some of the key benefits of buying an apartment in a big city like Sunshine Coast:

Affordable Prices

Buying an apartment is much more affordable than houses, especially in metropolitan cities. You can easily find studio apartments in prime areas that you might not be able to afford if you search for a house. If a prime location is your major concern, look for apartments at affordable prices.

Requires Less Maintenance

Apartments usually need less maintenance because the building management team takes care of the common areas, such as hallways, parks, elevators, and lobby, along with repairs or renovations required for the exterior areas of the building. This means you don’t need to pay for mowing the lawn, repainting the exterior walls and repairing the roof- saving you money.

Enhanced Safety and Security

High-rise apartments in cosmopolitan cities come with great security features, such as a 24*7 hour professional guard and CCTV camera surveillance. Nobody can enter your apartment without your permission. It is good to prepare for your home relocation, set up your utilities, change the address and create a proper layout of your new house for a seamless process.

High-End Amenities

Apartments offer high-class amenities like a swimming pool, fully-featured gym, tennis court, sauna, spa, and community centre. These amenities will enhance your living standard while creating a sense of community.

Disadvantages of Buying an Apartment

These are a few drawbacks of buying an apartment that need to be considered before making a final decision:

Restricted Privacy

Apartments usually have restricted privacy and space due to their compact structure and design. They feature shared walls, floors and common areas. This proximity may result in restricted privacy as sounds can easily permeate your neighbouring unit.

Less Space

Apartments also have smaller rooms and restricted storage units as compared to houses. High property prices and urbanization also contribute to the smaller spaces, which is one of the major drawbacks of buying an apartment.

Limited Control Over Renovations

This is a major drawback due to shared ownership and structural issues. In apartments, renovations can cause a problem for the neighbouring units, and thus, building management imposes strict guidelines to maintain the safety and uniformity of the building.

Less Appreciation

Apartments are relatively more affordable than houses. Unfortunately, the unit may not appreciate in the long run because they experience slower appreciation due to various influencing factors. This means, you might not get the desired price when selling your home after a few years. Plus, apartments are prone to wear and tear quickly due to multiple tenants, which can affect their actual condition.

Houses vs Apartments: Which is the Right Option?

Both have their own pros and cons. However, if you are looking for an affordable housing option with low maintenance and better amenities, opt for apartments. But, if you want a property with a high investment property potential, customization flexibility and space, then buy a house in Sunshine Coast, Queensland. The median price of an apartment is around $670,000 while the median house price for a 3-bedroom, 2-bathroom property is $857,000. It is good to do proper market research, choose the best location and create a rough budget before making the final decision. You can hire professional removalists Sunshine Coast for a safe and sound transition of your belongings.

Wrapping up

Buying your first home in the hotspots of Sunshine Coasts depends on key factors like the location, property prices, estimated budget, personal preferences and property investment potential. This comparison will help you make the right decision with ease.